Macro-economically change-making budget – Dr B R Shetty
“Macro-economically a good budget, wherein the fiscal prudence continues. There are certain trendsetting initiatives this time like the consolidation of Union and Railway budgets, bringing railways into the centre stage. Common man to get great relief with the reduction of tax to 5% for income between INR 2.5 lakhs and 5 lakhs. Healthcare gets an impetus with the establishment of two more AIIMS, which means affordable quality care to more people. Rural development gets into focus with infrastructure and cleanliness taking the lead. Farmers to get double the income in 5 years, intensifying focus on agriculture, the spine of the economy. National agricultural market on digital space will get the best price for the farmers. The homeless to get houses by 2022 is a great move. Life and skill development for youth, women, children and minorities are defined well.
Digital economy aims to bring transparency in political funding, income structures and financial inclusion, enhancing the lifestyle of the poor. It does sound progressive in approach, just that the aspect of corporate tax could have been a bit bolder. But the intention of the government is clear and positive, which is good for the economy as a whole,” said Dr B R Shetty, Chairman of UAE Exchange and Executive Vice Chairman & CEO of NMC.
Added Y Sudhir Kumar Shetty, President, UAE Exchange, “It can be termed as change-making budget. It combined Union and Railway Budget which set a trend and reflected government’s intention to streamline the budget. Its vision is to Transform, Energise and Clean India, shaping a digital economy and building TechIndia. Agriculture, infrastructure, youth, education, women, children, minorities, digital etc., have been covered well in the proposal. The digital focus increases transparency in terms of income or political funding, strengthens the financial system, generates more revenue and adds impetus to financial inclusion drive, helping the poor. Common man’s tax woes seem to have found a breather in this proposal with a tax cut to 5% for an income ranging between INR 2.5 lakhs and INR 5 lakhs. That means more money in the hands of the salaried. Meanwhile, GST means revenue to go up further due to indirect tax. The reduction in the tax is a good idea. With the positive and progressive approach, more tax concessions can be expected in the future. Overall it’s a sound proposal with a very positive intention of the government to take a strong step towards balance and improving lifestyle.”
CEO Pramod Manghat
A trendsetting budget, that aims to Transform, Energise and shape a digital economy and build TechIndia. it focuses on progressing towards its digital vision. For instance, cash transactions are limited to INR 3 lakhs. This kind of digital focus increases transparency in terms of income reporting, strengthens the financial system, generates more revenue and adds impetus to financial inclusion drive, helping the poor. Regular citizens’ tax concerns have found a breather with a tax cut to 5% for income ranging between INR 2.5 lakhs and INR 5 lakhs, which means more money in the hands of the salaried. Meanwhile, GST to push revenue up further due to indirect tax. With the positive and progressive approach, more tax concessions can be expected ahead. The sectors of Agriculture, infrastructure, youth, education, women, children, minorities, digital etc., have all been covered well in the proposal balancing the populist measures which does seem to have a positive intent.”
Prasanth Manghat on India Budget – 2017-18
Generally, Union Budget presentation in our country is perceived as an annual celebration rather than a goal statement. The Budget’s foresighted long-term plans depicts the Government’s vision to take India on the high road of development in the next 5 to 10 years. The emphasis on accountability, transparency and digitalisation will be instrumental in face-lifting the Indian economy to substantiated and sustainable growth pattern.
In the healthcare sector, cost-effective capital resources would be accessible for entrepreneurs. Rural Healthcare will be stronger with the shift from General doctors to Specialist doctors, owing to the new special seats. Medicines and medical technology would turn cheaper and accessible for all and thus facilitate effective National healthcare policies in the future. Time-bound eradication of communicable diseases is a step in the direction of aligning India with the global shift from curative healthcare to preventive healthcare.
Sudhesh Giriyan, COO, Xpress Money
“The Union Budget of India 2017-2018, is a forward-looking budget designed to propel the economy forward. The taxation reforms, market liberalisation policies, FDI automation reforms, proposed increased spending on infrastructure, healthcare for the underprivileged, education and agriculture – all mainstays of the Indian economy, are all pro-growth steps, taken in the right direction. Importantly, the budget liberalizes the stock market by listing shares of Railway PSEs, and makes it easier to attract foreign direct investment. For NRIs in the UAE and elsewhere in the world, the budget presents opportunities to get involved in economic growth back home. The strong emphasis laid on technology in almost all the development areas reaffirms that technology has been at the forefront of India’s recent economic growth and digital transformation.”